Barclays has started formal coverage of Gilead Sciences Inc. (NASDAQ:GILD), assigning an Equalweight rating and establishing a $155.00 price target, the firm said Thursday. The initiation was led by analyst Carter Gould.
The bank’s note highlights that Gilead has re-centered on its core competency - developing and commercializing treatments for infectious disease - after a stretch of underperformance. Barclays pointed to that prior weakness as tied to a hepatitis C virus (HCV) bolus and the company absorbing business development deals that did not deliver as expected.
Shares of Gilead traded at $151.12 at the time the note was reported, sitting close to a 52-week high of $157.29 and marking a roughly 29% gain over the last six months. Barclays said the strong run-up in the stock, combined with valuation metrics that appear elevated versus the company’s historical range, supported its decision to rate the shares Equalweight.
One valuation cited in the coverage initiation is a Price/Book multiple of 8.29. Complementary data from InvestingPro was noted in the commentary, with InvestingPro analysis indicating the shares remain near fair value and reporting a Piotroski Score of 9 for Gilead, a measure that points to robust financial health under that framework.
The coverage initiation and valuation assessment arrive amid a wave of analyst responses to Gilead’s recent quarterly disclosure. The company reported fourth-quarter 2025 revenue of $7.93 billion, ahead of the consensus estimate of $7.70 billion, and adjusted earnings per share of $1.86, exceeding the expected $1.83.
Following those results, several firms adjusted their price targets upward: Bernstein increased its target to $160, citing a favorable growth outlook; Wolfe Research raised its objective to $170 and pointed to strength in Gilead’s HIV franchise, including 31% year-over-year growth in Descovy and $150 million in sales from the Yeztugo launch; UBS boosted its target to $175 while noting forthcoming data on long-acting HIV treatment candidates. Truist Securities moved its target to $152 and kept a Buy rating, referencing the HIV portfolio’s strength. By contrast, Goldman Sachs maintained a Neutral rating and a $125 price target after the earnings release.
Barclays’ Equalweight stance reflects a view that, while operational momentum and recent results have been positive, the combination of a sharp share-price rebound and rich valuation metrics limit upside from current levels. The initiation underscores the divergent views among sell-side analysts about how to value Gilead in light of recent performance and upcoming data catalysts.
Note: This article reports on analyst coverage and company-reported financials as stated above.